Uncle Sam's gift to the prudent

[dgriffin]

Uncle Sam's gift to the prudent saver: Less money


By Allan Sloan
Tuesday, October 20, 2009

"This is a quiz. What do the record-high Wall Street bonuses have in common with the record-low yields for savers? Answer: They show yet another way that prudent people, especially those living on fixed incomes, are being cheated by the government's bailout of the imprudent.

Here's the deal. The government is spending trillions to keep interest rates down to support the economy and prop up housing prices, and those low rates have inflicted collateral damage on savers' incomes. "It's a direct wealth transfer from savers and retirees to overly indebted borrowers," says Greg McBride, senior financial analyst at Bankrate.com.


CONTINUED AT:

www.washingtonpost.com/wp-dyn/content/article/2009/10/19/AR2009101903569.html?hpid=topnews

[gski]

Dave,

It's called the golden government touch. Everything that they've touched in the past year that's supposed to help has ended up hurting more in the long wrong.

The bank bailouts, with no accounting for where or how the money was spent. Now the government wants to know where it went, maybe.

The "consumer credit protection bill", which was supposed to stop credit card companies from shafting consumers with late fees and high interest rates. All the credit card companies did was raise everyone's rates across the board, regardless of credit standing. Why, because they can.

Cap n trade. Here comes the increases in our utility bills along with higher food costs.

I wish someone would tell me why we should trust them with health care?

[dgriffin]

Surely, the government must do something right! Time the stoplights?